Issue - meetings

To consider a report of the Executive Councillor (Corporate, Customer & Community Services)

Following the announcement of the 2015/16 local government finance settlement on 18 December 2014, this report updates the forecasts for the Council’s finances for the period 2015/16 to 2018/19 taking as its starting point the position set out in the previous reports considered by the Executive at its meeting on 16 December 2014.

The report will inform the development of a balanced and sustainable budget for 2015/16 and a longer term forecast moving into the next Comprehensive Spending Review period up to 2018/19.

The report indicates that surplus resources of £0.428m in 2015/16 and £0.230m in 2016/17 are available.  This position includes contributions from Waste Strategy and New Homes Bonus earmarked reserves which, if reduced, could return the forecasts to a balanced position.  The longer term forecast suggests a savings requirement that could reach almost £27m by 2018/19.

The Executive is recommended to:

·         Note the details of the 2015/16 local government finance settlement, in particular, the Authority’s Settlement Funding Assessment figures;

·         Note, and comment upon as appropriate, the financial forecasts for 2015/16 to 2018/19, and the key issues to be addressed in formulating a response to the financial challenges facing the Council;

·         Approve the indicative budget adjustments as set out at paragraph 4.3;

·         Note the ‘surplus’ position for 2015/16 of £0.428m and £0.230m for 2016/17 and the indicative cumulative savings requirement for 2017/18 of £15.567m and £26.896m for 2018/19.

·         Take the final steps necessary to propose a balanced budget for 2015/16 and an updated Medium Term Financial Plan for presentation to the Budget Council meeting on 26 February 2015.

Officer contact: Steve Houston/ Andy Moran, 0161 474 4000 / 4086, steve.houston@stockport.gov.uk / Andrew.moran@stockport.gov.uk

The Leader of the Council (Policy, Reform & Finance) and the Executive Councillor (Corporate, Customer & Community Services) submitted a report (copies of which had been circulated) updating the Executive on the forecasts for the Council’s finances for the period 2015/16 to 2018/19 following the announcement of the 2015/16 Local Government Settlement on 18 December 2014.

An addendum to the report was also submitted (copies of which had been circulated) that set out changes to the forecasts arising from the final settlement figures provided after the publication of the report.

RESOLVED – That in relation to the Medium Term Financial Plan Financial Landscape and Forecasts 2015/16 to 2018/19 and updated settlement figures:-

·           the details of the 2015/16 local government finance settlement, in particular, the Authority’s Settlement Funding Assessment figures be noted;

·           the financial forecasts for 2015/16 to 2018/19, and the key issues to be addressed in formulating a response to the financial challenges facing the Council be noted;

·           the indicative budget adjustments as set out at paragraph 4.3 of the report be approved;

·           the ‘surplus’ position for 2015/16 of £1.085m and £0.230m for 2016/17 and the indicative cumulative savings requirement for 2017/18 of £15.567m and £26.896m for 2018/19 be noted; and

·           the final steps necessary to propose a balanced budget for 2015/16 and an updated Medium Term Financial Plan for presentation to the Budget Council meeting on 26 February 2015 continue to be taken.